The previous statement for your credit card had a balance of $510. You make purchases of $160 and make a payment of $80. The credit card has an APR of 23%. What is the finance charge for this month? (Round your answer to the nearest cent.) $
Added by Allison H.
Step 1
- Previous balance: $510 - Purchases: $160 - Payment: $80 New balance = Previous balance + Purchases - Payment New balance = $510 + $160 - $80 New balance = $510 + $80 New balance = $590 Show more…
Show all steps
Close
Your feedback will help us improve your experience
Breanna Ollech and 74 other Intro Stats / AP Statistics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
You have a credit card with an APR of 24%. January's previous balance, payments, and purchases are shown in the table below . Find the finance charge. Previous Balance Payments Purchases Finance Charge New Balance January $800 $300 $200 Group of answer choices $14 $168 $26 $6
Breanna O.
Suppose that on January 1, you have a credit card balance of $540.00. On January 10, you purchase a new Netflix subscription for $12.00. On January 12, you return an item to Bath & Body Works for a credit of $28.50. On January 22, you make a payment of $400.00. On January 25, you make a purchase at Walmart. of $117.00. The annual interest rate on your credit card is 0.27 Calculate the finance charge for January that will appear on the next month's statement, using the average daily balance method. Round your answer to the nearest cent.
Madhur L.
Use the average daily balance method to compute the finance charge on the credit card account for the previous month. The starting balance and transactions on the account for the month of June are given to the right. Assume an annual interest rate of 18%. Month: June (30 days); previous month's balance: $200 June 13 Made payments of $81 June 16 Charged #30 for gasoline June 18 Charged $189 for skis June 24 Made payment of $90 The finance charge is $___?
Supreeta N.
Recommended Textbooks
Elementary Statistics a Step by Step Approach
The Practice of Statistics for AP
Introductory Statistics
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD